“BITCOIN IS SLOW AND COSTLY,” – BRENDAN BLUMER

The CEO of the Block.one, EOS co-creator, Brendan Blumer, recently spoke during the Digital Commerce event, spreading mischaracterizations about BTC.

He admitted that he sees Bitcoin as entirely transformative, however, the network still has drastic shortcomings.

Blumer notes that actually, Bitcoin transactions are much higher than the transaction fee set by the miner market alone, with the actual cost of processing a peer-to-peer transfer which can potentially be $50-$100. He underlined subsidies, saying that this supply emission should account for the securing processes’ cost.

After that, he poked fun at BTC transactional throughput and block times, saying that in order to transfer Bitcoin to a peer or business, it can take an hour, even if the “3 transactions per second” limit is not satisfied. With all this, Blumer’s dissatisfaction with technical capabilities of Bitcoin were clear.